What are Statutory Accounts?

Statutory accounts – also known as financial statements or year-end accounts – are drawn up by the Directors or Members of an entity to report various financial measures and related disclosures for filing with Companies House. These accounts are drawn up in accordance with Financial Reporting Standards as set out by the Financial Reporting Council (FRC) in the UK and Republic of Ireland.

Who is required to submit statutory accounts?

All private limited companies (“Limited” or Ltd”), public limited companies (“Plc”) and limited liability partnerships (“LLP”) are required to submit statutory accounts to Companies House following the end of their reporting period.

When do your statutory accounts need to be filed with Companies house?

The annual reporting period for a company or LLP is usually 12 months, however the Directors/Members can opt to shorten the accounting period or extend this for a period of up to 18 months (an extension is usually only allowed once every 5 years). The company or LLP then has 9 months from the end of the period to file these statutory accounts with Companies House which then become available for the public to view. The only exception to this is in the first period of account where the filing deadline set out by Companies House is always 21 months from the date of incorporation.

In addition to these statutory accounts being filed with Companies House there is also a requirement to provide these to shareholders of a company or members on an LLP. Additionally, in the case of companies, these accounts will also be submitted to HMRC along with the corporation tax return.

How we can help?

Our teams of professionally qualified Accountants and Advisors at Menzies are experts in preparing statutory accounts for all types of business from single shareholder Limited companies to multi member LLPs.

Our expertise not only ensures that the statutory accounts are prepared in accordance with all relevant laws and regulations, but enables us to provide expert advice to our clients helping them to understand and interpret these statutory accounts, the impact these have on the business, them as individuals and the impact these may have on the view from the outside world.

Our aim is always to use these accounts to underpin the strong strategic advice we provide to our entrepreneurial clients and ensure that they are achieving their long-term goals.

Contact Menzies Audit & Compliance team

To speak to a partner or for more information about the audit and compliance services we offer please contact one of the Menzies LLP offices or complete our contact from below.